Personal Finance Education Starts With a Penny

Money is an instrument of economy, use it wisely.  When we go to the gas station and owe the cashier a penny, we have to pay that penny.  If big corporations look after their pennies, follow their lead and look after yours, they do add up.  Take care of your money and your money will certainly take care of you.

The best present a young mom could have for her baby shower is a savings account for her baby.  An account where the legal guardian won’t be allowed to withdraw money until the baby reaches its legal adult age.  And if the mother doesn’t know that her baby has an account, even better.  Takes but people to know they have the possibility of some extra money available to come with emergencies and very justifiable reasons to get rid of capital.  To then end just like before, making the gruesome line to get that lottery ticket, betting on horses or any other new game…

Of course personally I am far from being a millionaire, neither am I able to duplicate any amount on a daily basis for that matter… On the 28th day it adds up to the amount of $1,342,177.28… It grows to $10,485.76 by day #21.  And by day number 24 you have $83,886.08, which becomes $167,772.16 the very next day… On the third day, you should have four pennies… Merciless ambition would exist with or without it.  Money does not have any emotions or powers in itself besides the ones we render upon it. The issue is to have a budget that will provide both for recurring expenses and for the accumulation of money.  It is insane to spend all earned money without saving anything for the future.  Those that save nothing will have nothing.  The only money that one really earns is the money that one takes home after expenses are paid and promises are met.  Many readers end their month in red because they insist on living a lifestyle that is above their actual or current income.  The race with the Joneses is insanity in the making.  Most real millionaires (not fantastically created but through hard work and discipline) live truly frugal lifestyles well below their means.

To sum it up within a Biblical context, it is written that “the root of evil is the love for money”… And there you go, rushing to get in line to get that ticket because “good luck is for those who play”.  Yet we do not make a line in the bank to put away those five dollars because we find it ridiculous and petty.  We have engrained in our minds that five dollars is not money, regardless of the power of a penny.  The average American does not have respect for money.  And, much like Suze Orman says, “lack of respect for money shows lack of self respect.”  When it comes to spending, we do not take into consideration the effort that it implies earning that money, which in turn is a reflect of how much we value our very selves.

If you could take a penny and duplicate the amount by itself on a daily basis, you’d become a millionaire in a month.  Incredible but true.  Let’s see, on the first day I could loan you that penny, in case you’re running short.  I’ll loan it with interest.  On your second day, well, you have two pennies… Maybe you still don’t see when or how will you become a millionaire in record time…


If you have the time or want to do this exercise, keep adding, or duplicating each penny by itself.  On the tenth day it amounts to $5.12, and by day number 15 its $163.84. twelve weeks.  Savings is a true character-forming habit and is a sure route for financial and mental sanity. Money in itself is not the root for all evil, greed is the root of all evil.  Men invented money to make life easier. The love for money is the root for all evil… and there they stay, betting their savings away.  

I challenge you to put away ten cents of each dollar that you receive for the next three months.  Do it for only three months… It is sad that our education system does not promote or stimulates saving as a first line of attack tool for sound personal finance.  We find it almost ridiculous and unreal to save, yet we are not ashamed to get a consumer (predatory) loan to pay for things we could really do without.  Procure financial education for your children and for yourself.  It is seldom a conversation topic, yet everything we do in life has to do with money.

Whereas, saving instruments remain ignored or barely promoted (just like flossing, water, hydrogen peroxide and many others cheap and effective remedies and methods for a frugal and healthy lifestyle).  You do see gigantic neon signs telling you about the millions that you will earn in the lottery this week… Yes, as read, more than a million dollars.  And if you care to continue by day #30 is more than five million dollars.  Do you see know why I had to loan you that penny with interest?

The Social Security Administration already includes in its reports a statement, or disclaimer advising that reported benefits are not guaranteed. They are playing it safe early, in fine print, facing the upcoming probability (probability means there is more than a fifty percent chance it might happen) that, if you were born during the nineties or after, you will not be receiving social security benefits, and if you will, it will be a slim amount.  The Baby Boomers will eat your retirement money, and the Government is not making plans for your financial future, but to balance out its own budget without touching their own private contracts and salaries.

Personal Finance education is not mentioned nor contemplated within the plans of the Department of Education, as well as it is ignored by the vast majority of private schools and colleges.  The power of saving has been degraded to critical levels.  One of the main reasons the United States economy plummeted was because the average American simply does not save nor invest.

Report: Former East German sports official admits systematic doping in new book

“If East Germany wanted to remain competitive in international sport there was no choice but to allow the use of doping substances.. “But sports officials from the former East Germany have always largely denied that.”

The extent of East Germany’s doping under a government-run program to achieve sporting success became clear after the fall of the Berlin Wall in 1989 and the dissolution of the communist country.

“If athletes were included from age 16, that happened with consideration of their biological maturity.”

BERLIN –  A former East German sports official has reportedly acknowledged there was widespread state-sponsored doping in the communist country, including of minors.

Koehler claimed that “all substances were administered in agreement with the athletes,” DPA reported.

Thomas Bach, the head of Germany’s national Olympic association, said Koehler’s assertions could “bring more clarity to the processing of doping history.”

East Germany’s doping program has been widely known for years, but Koehler’s admission is the first by a senior official.

“The sports leadership decided to use selected anabolic substances in a series of sports (in the 1970s),” Koehler wrote. Many said they had suffered permanent health problems because of steroid use.

Thomas Koehler, an East Germany sports official in the 1970s and ’80s, made the admission in his book “Two Sides of the Medal,” which was obtained by German news agency DPA before publication this week.

“Of course, the state plan for widespread doping was known, just as the doping of minors was already uncovered in trials in the ’90s,” Bach said.

Many athletes later said they were unwitting victims of the program, having been given drugs without their knowledge while teenagers

Chris Christie is right about sports gambling (Opinion)

Here’s what happened:

Of course, supporters of vice prosecution argue that the individual’s addiction or bad decisions always have an indirect collateral effect on society as a whole: Drugs and prostitution ruin neighborhoods, while booze and cigarettes impose a health care cost borne by all of us.

Crimes, on the other hand, are wrongs committed against another person, or society as a whole–by definition, damaging another person’s body or property.

Which means — and this is confusing — sports betting may be legal in New Jersey.

The Unlawful Internet Gambling and Enforcement Act of 2006 makes an exception for any fantasy sports game with an outcome that reflects the relative knowledge of the participants (but not chance). Marijuana has become legal over time by slowly gaining ground, until users–and states–openly flouted federal criminal law. So, the New Jersey law allowing sports wagering was struck down, except that the court observed that the federal law banned a state from “licensing” or “sponsoring” sports gambling. But the government is happy to take your money on that bet.

Just kidding. Follow him on Twitter: @CevallosLaw. That sounds a lot like betting on games–but then again, who are we to question the wisdom of Congress?

While the Garden State has a “moral” dilemma, the leagues’ position remains the same: the 3rd Circuit decision doesn’t guarantee them any profit, so they will continue to oppose sports betting as they have so far in this case.

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It has often been said that vice crimes are “victimless,” because each one of them involves a deliberate choice to inject, fornicate, snort or swill to the detriment of one person: the person with the bad habit.

So then, can sports betting become morally and legally acceptable in New Jersey, where the government is prohibited from licensing or sponsoring it? Traditionally, gambling has only been legal when the government can profit, but the governor and his attorney general have apparently decided that a devastating loss of jobs in Atlantic City justifies forgoing money in the coffers.

The federal government and an association of sports leagues are opposing this move to legalize sports betting. And then there’s gambling.

The sooner the leagues figure out an infrastructure that siphons revenue from Grandpa Vito’s nasty penchant for blowing his pension check on the ponies, sports betting will magically become OK with pro sports. It’s all about money.

The nice thing about vices is that as they become more widespread, popular acceptance eventually overrides the law. When someone else is making the profits, it’s magically illegal. It’s the ultimate hypocrisy to suggest that there’s something evil about putting 50 bucks on the Eagles to cover the spread: a close to 50/50 wager. It’s in Christie’s interest — and that of New Jersey — to revive the casino industry.. Another way the NFL benefits massively from fantasy sports.

After all, state-sponsored gambling is already an entrenched part of our society in the form of the lottery. When gambling is profitable to these entities and interest groups, it’s legal. And, of course, fantasy activities increase viewership; instead of watching only your team on Sunday, you’re going to watch every game and commercial featuring your fantasy players. NBA Commissioner Adam Silver has conceded what the rest of us have known for a long time: Legal sports gambling is inevitable.

Here’s the fascinating part about the New Jersey case: The federal court of appeals held that the state could not sponsor or license sports gambling. The opinions expressed in this commentary are solely those of the author.

Sports wagering is probably next. Don’t believe me? Fantasy sports–gambling havens of their own–are legal, and now an industry.

The pro teams and leagues must be furious, right? Well, actually no. Chris Christie’s request to permit legal sports betting in the Garden State. It’s illegal only because the government is not taxing it, and because the pro sports leagues are not getting a cut of the action. Our governments are less morally conflicted, it seems.

Basically, if a state law conflicts with a federal law, and the federal exercise of power in that area is valid, the state law loses. Prohibition didn’t work because we didn’t accept it. What a surprise: In states where it is now legal it is taxed and regulated.

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That means you and I will continue to get stuck in line at the Kwik-e-Mart, behind some delusional nudnik spending money he doesn’t have on a handful of scratchers, or calling out his “lucky” numbers to the clerk. The court held the state law conflicted with federal law, called PASPA, which prohibits engaging in a sports gambling scheme “pursuant to state law.”

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Editor’s note: Danny Cevallos is a CNN legal analyst, criminal defense attorney and partner at Cevallos & Wong, practicing in Pennsylvania and the U.S. Vices are personal choices made that harm one’s own body or property.

Ultimately, don’t think for a second that the leagues, the states or the federal government care about the morality of our gambling addictions. The NFL, for example, runs its own fantasy leagues, and licensed use of any NFL products is an additional revenue stream. These benevolent entities have every interest in preventing the moral scourge and corrosive addiction that is gambling.

That question might have been answered in the negative, if Atlantic City had not suffered big declines in the profits of casino businesses in 2013. The New Jersey Attorney General’s office has since directed law enforcement to refrain from prosecuting casinos and racetracks for running sports-wagering pools.

On October 6, a federal district court judge will entertain New Jersey Gov. That put Christie in a bit of a pickle: Is there any point in legalizing sports wagering if the state doesn’t get a piece of the pie?

New Jersey passed a 2012 state law legalizing sports betting in the state. As it stands, a federal court of appeals has struck down a New Jersey law repealing a sports betting ban. Standing in line for the lottery in your bathrobe in the early afternoon? Still legal, but really sad.

Placing a bet with your bookie at the bar is outlawed, but not because it’s intrinsically immoral. Believe me, if Apple figures out a way to fit prostitutes with one of those Square credit card readers for the iPhone to automatically deduct sales taxes and Social Security, well, just get ready for the UberEscort app is all I’m saying.

Make no mistake, the only reason lotteries are legal is because the government gets to wet its beak. That is apparently different than banning a state from making sports gambling legal.

Danny Cevallos

Danny Cevallos

Confused? You should be. Virgin Islands. As long as the state offers some flimsy pretext about the money going to schools or senior citizens, we the people are placated.

(CNN) — As a society, it seems we’ll always struggle with our vices. Meanwhile, if you would like to buy a lottery ticket, those odds on the Powerball are about a bajillion-to-one. The court voided the New Jersey law, finding it was pre-empted by the federal law.

Whether it’s outlawing drugs, prostitution, even alcohol Prohibition, making vices illegal is problematic because it’s illogical. They care about money. That was challenged by the NCAA, NFL, NBA, NHL and MLB, and the federal government in federal court. Pal, you’re in your pajama pants and slippers, out in public, at noon on a weekday: Your “lucky numbers” are anything but “lucky.” Time for some new lucky numbers, and a job.


Trump Plaza is one of the Atlantic City casinos that has shut down.

Court will rule on Chris Christie’s effort to legalize sports gambling in New Jersey

Danny Cevallos says sports leagues, federal government oppose the move

He says it’s not an objection on moral grounds; the foes just want their share of money

Cevallos: For New Jersey, the key is to stop the loss of casino jobs

By this logic, New Jersey could pass a law making sports betting legal in a casino, so long as the state had no part in regulating it

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